BITCOIN PRICE RALLY IN 2017 CAUSED BY ONE WHALE?! | Stellar Lumens (XLM) Crypto Supply Manipulation?

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Last year, two academics concluded that the Bitcoin price rally in 2017, when BTC hit the all-time high, was caused by manipulation.

Now the research authors figured out that the surge was likely caused by a single entity. University of Texas Professor John Griffin and Ohio State University’s Amin Shams shared their updated research paper with Bloomberg where they double down on past claims that Tether, the biggest stablecoin issuer, was the sole reason the Bitcoin price surged to its insurmountable all-time high of $20,000 at the end of 2017.

Now, the academics claim that a single Bitfinex whale was actually responsible for fueling Bitcoin’s rocket to the moon.

“Our results suggest instead of thousands of investors moving the price of Bitcoin, it’s just one large one.”

In other Cryptocurrency news today, a few hours ago the Stellar Development Foundation burnt 50,000,000,000 XLM.

Ripple XRP has also been fiddling with Crypto token supply recently in a possible ploy to inflate token prices.

Stellar Lumens pumped 25% on the announcement and XRP also got a lift, but are they connected?

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

News Resources From Today’s Show:

$XLM just burned half their “total” supply The current “circulating” supply didn’t decrease from my knowledge, therefore I don’t see the rush to buy (though it will pump hard)

There are still 50 Billion tokens, people act like it’s a scarce asset 😄

— Josh Rager 📈 (@Josh_Rager) November 5, 2019

Ugh. Their “research” is based on an elementary misunderstanding of how financial assets work. It’s like saying that GLD is traded mostly by 1 person because it has a single custodian and a single point for creations and redemptions.

— Ari Paul ⛓️ (@AriDavidPaul) November 4, 2019

I continue to be disappointed by career academics that fail to understand Bitcoin/crypto market structure basics as well as the fundamentals of cause and effect. The rise of tether is a result of organic bitcoin and crypto demand in periods of hyper growth.

— Gabor Gurbacs (@gaborgurbacs) November 4, 2019

Bitcoin 2017 Surge Caused By Single Entity: Bloomberg